Background
The Accounting and Auditing Regulator (ACAR) held a consultation with an International Monetary Fund (IMF) mission and officials of the Non‑Bank Financial Services Authority (FSA) on 30 June 2026 to examine governance and sectoral risks in non‑bank finance. ACAR is the regulator responsible for setting and enforcing accounting and auditing standards for financial reporting in Cambodia.
The Non‑Bank Financial Services Authority (FSA) coordinates regulation and supervision of non‑bank financial institutions and affiliated entities in Cambodia. Participants discussed three focused topics: recent developments, outlook and challenges in the non‑bank financial sector; mortgage lending practices by real‑estate developers and associated consumer risks; and spillover risks and interlinkages between the non‑bank sector, banking sector and microfinance institutions.
Key Developments
The meeting took place at the FSA headquarters and was coordinated by Dr. Som Phay, Deputy Secretary General of the FSA General Secretariat. Attendance included ACAR leaders who had given high‑level authorization for the consultation: H.E. Bou Tharin (Director General) granted permission, with Mrs. Nean Bony (Deputy Director General) and Mrs. Thor Setchanlyda (Deputy Director of the General Affairs Department) participating, alongside the IMF mission team and FSA officials.
Policy Context
The consultation addressed regulatory and consumer‑protection dimensions of developer‑provided mortgage lending, a practice that can create credit and disclosure issues for homebuyers. The agenda also covered assessment of cross‑sector spillovers, reflecting concern about interconnections between non‑bank financial activities and regulated banking and microfinance operations.
Institutional Role
ACAR’s engagement in the meeting reflects its role in ensuring reliable financial reporting and audit practices across financial sectors, which supports regulatory supervision and market transparency. The IMF mission participated in a consultative capacity to discuss sector developments and regulatory concerns with Cambodian authorities and sector regulators.
